MARKET CHARTIST VIEW, 12-June-13
•A still more resilient consolidation, up just through the top of last Thursday's strong rally range, which took us above the notable 1.3245 peak, established a short/ intermediate-term base and favours a still more solid tone into June.
•Whilst above support at 1.3040, we still see upside risk through mid-month to the area defined by the 78.6% retrace of the Q1 sell off and chart high at 1.3505/20.
•Interim barriers are seen at chart level 1.3318 and 1.3434 and 1.3350 retrace resistance.
WHAT CHANGES THIS?
•Below 1.3115/00 eases bull risks; through 1.3040 signals a more neutral tone, only shifting negative below 1.2950/40
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